Ualett has landed a $150 million debt facility with long-time funding partner Thiele Capital Management, with the US fintech now planning to extend its suite of cash advance solutions into new market segments.
Thiele Capital Management has backed Ualett since September 2022, when the hedge fund manager first brought forward a $50 million credit line to support the company’s early development and domestic expansion.
Ualett plans to leverage this new three-year agreement to provide funding “more deeply into underserved geographic markets”, according to a company statement, while also tapping “new segments of independent workers”.
Founded by CEO Ricky Michel Presbot, COO Wilfredo Vidal and CTO César Cabrera, Ualett offers cash advances to rideshare drivers, delivery couriers, and other independent workers across the gig economy in the US, without requiring credit checks. The service has amassed over 450,000 users since launching in 2018, with coverage spanning 49 states.
Recent developments to the suite include insurance solutions through a partnership with Insurify, tailored advance and remittance schedules with Pave, and FedNow connectivity via Astra. Ualett has recently hired Andrea Martin, formerly of account-to-account payments platform Dwolla, as product manager.
“With this facility, we’re accelerating our ability to reach more workers, offer more products, and reinforce what makes Ualett different: trust, transparency, and technology purpose-built for the gig economy,” Presbot says.
Source: https://www.fintechfutures.com/
